London, UK & Swieqi, Malta – September 17, 2019: VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, announces a memorandum of understanding (MOU) with essDOCS, a leading enabler of paperless trade. The MOU focuses on the North-West European barge markets, smoothing the post-trade process for all parties involved in the transaction. Previously, this market relied on a highly inefficient paper-based post-trade process. Trading parties would agree information to send on to the terminal, which would add its own information before sending on to barge captains to agree and sign for the product and quantities loaded or discharged from the vessel. This lengthy process results in several paper documents including the barge receipt, which when physically signed allowed the barge to sail and the seller to invoice the buyer. The combined VAKT-essDOCS solution allows that process to be handled entirely digitally, speeding it up, reducing the scope for error and cutting costs. By working with VAKT, the key shipping documents (and data) can then be added to the immutable, tamper-proof blockchain platform, offering an easily-retrievable single source of truth for all parties involved in the transaction. By collaborating, both companies are able to extend their market reach. For VAKT,… continue reading
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Source: CTRM Center